The Big 4 ranks among the best insurance consulting firms, surpassing even the MBB, thanks to their expertise in finance. Hence, insurance consulting is becoming an exciting work opportunity. This article will provide a brief definition of insurance consulting and rankings of the top firms to work for.
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What is Insurance consulting?
Insurance consulting helps… insurance companies
Insurance is an industry classification of management consulting, itself may include smaller branches such as operations, human resources, publicity, etc.
Insurance consulting firms can be divided into 3 groups: the international firms that specialize in insurance consulting (Capco being the most notable), the big consulting powerhouses that have their own healthcare arm (MBB, Big 4) and boutique firms that focus on a local geographical area.
The Big 4 are extremely well-regarded in insurance consulting
The Big 4 firms rank high among the top insurance consulting firms, even compared to the MBB thanks to their expertise in finance-related services like accounting, auditing, and assurance. This should be no surprise since all of them started out in accounting & finance.
If you’re looking for an insurance consulting firm, the Big 4 are usually the best choices, considering both expertise and prestige.
Insurance consulting salary and compensation
On average, an insurance consultant can make around $75,000 a year before bonuses. Depending on your experience, qualifications, seniority and how big the firm is, the average annual salary may range from $40,000 to $140,000.
Some fringe benefits that consulting firms can offer are sick leaves, vacations, payroll taxes, travel reimbursements, etc.
Top insurance consulting firms in the world
The following lists are sourced from Consultancy.org. It is a consultant global network that includes. consulting.us, consultancy.eu, consultancy.asia. Consultancy.org ranks firms based on depth of offerings, advisory, expertise, track records and quality of thought leadership. Data is collected from both clients and consultants.
|
Ranking |
Firms |
|
1 |
KPMG |
|
2 |
Capco |
|
3 |
EY |
|
4 |
Deloitte |
|
5 |
McKinsey & Company |
|
6 |
Delta Capita |
|
7 |
Bain & Company |
|
8 |
BearingPoint |
|
9 |
Boston Consulting Group |
|
10 |
INNOPAY |
|
11 |
Elixirr |
|
12 |
Mazars |
|
13 |
OC&C Strategy Consultants |
|
14 |
Projective |
|
15 |
Q5 |
|
16 |
Valcon |
Top insurance consulting firms in the US
|
Ranking |
Firms |
|
1 |
Capco |
|
2 |
EY |
|
3 |
KPMG |
|
4 |
PwC |
|
5 |
Deloitte |
|
6 |
McKinsey & Company |
|
7 |
Oliver Wyman |
|
8 |
Accenture |
|
9 |
Bain & Company |
|
10 |
Roland Berger |
|
11 |
Boston Consulting Group |
|
12 |
Mercer |
|
13 |
OC&C Strategy Consultants |
|
14 |
Q5 |
Top insurance consulting firms in Europe
|
Ranking |
Firms |
|
1 |
KPMG |
|
2 |
INNOPAY |
|
3 |
Delta Capita |
|
4 |
Deloitte |
|
5 |
OC&C Strategy Consultants |
|
6 |
Valcon |
|
7 |
McKinsey & Company |
|
8 |
Bain & Company |
|
9 |
BearingPoint |
|
10 |
Mercer |
Top insurance consulting firms in Asia
|
Ranking |
Firms |
|
1 |
Deloitte |
|
2 |
KPMG |
|
3 |
Bain & Company |
|
4 |
McKinsey & Company |
|
5 |
Boston Consulting Group |
|
6 |
Mercer |
|
7 |
FTI Consulting |
|
8 |
OC&C Strategy Consultants |
|
9 |
Q5 |
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